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Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc.

WPX Energy, Inc. · Feb 26, 2020 · 21 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 1
    YEAR-END 2019 EARNINGS CALL RICK MUNCRIEF, CHAIRMAN & CEO FEBRUARY 27, 2020 N Y S E : W P X
  2. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 2
    Outperformance in 2019 Creates Long-Term Shareholder Value Metric What We Said What We Did Cash flow positive for 20191 Cash flow neutral in 2019 Cash Flow at 50 WTI and generated 101MM of FCF 2H of 2019 Shareholder Return…
  3. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 3
    Our 2020 Priorities and Focus INTEGRATION FREE CASH FLOW DIVIDEND LEVERAGE SEAMLESS ADDITION OF FREE CASH FLOW OF PLAN TO INITIATE CONTINUED STRENGTHENING FELIX 200MM+ 0.10 DIVIDEND ON PER SHARE 1.5X NET DEBT EBITDAX TO…
  4. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 4
    OPERATIONS CLAY GASPAR, PRESIDENT & CHIEF OPERATING OFFICER
  5. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 5
    Felix Integration Underway PHASE I: PRE-FELIX CLOSE PHASE 2: POST-CLOSE OPERATIONS & MARKETING & REGULATORY ACCOUNTING SUPPLY CHAIN MIDSTREAM & HSE IT & HR CONTINUOUS INTERACTION WITH FELIX TEAM Evaluate completion techniques…
  6. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 6
    Delaware Up-spacing Driving Better Performance in 2020 STATELINE UPPER WOLFCAMP WELL TYPE CURVE 2,000 E S T I M A T E D U L T I M A T E R E C O V E R Y ( M B O E ) STATELINE UPPER WOLFCAMP WELLS EDDY LEA 1,500 NM LEGACY EUR…
  7. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 7
    2020 Williston Program Focused on Core Acreage 375 MOUNTRAIL 350 MANDAREE 325 VAN HOOK 300 275 MCKENZIE 250 CUMULATIVE MBO 225 200 MCLEAN 175 150 125 MANDAREE SOUTH 100 75 DUNN 50 25 TWIN BUTTES MOCCASIN CREEK 0 0…
  8. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 8
    FINANCIALS KEVIN VANN, CHIEF FINANCIAL OFFICER
  9. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 9
    4Q 2019 Results 56MM 16% GROWTH IN OIL VOLUMES 20% GROWTH IN ADJ. EBITDAX FREE CASH FLOW GENERATION 4Q19 vs. 4Q18 4Q19 vs. 4Q18 4Q YTD 2019 2018 2019 2018 Average Daily Production Oil (Mbbl/d) 111.7 96.0 103.6 81.6 Gas…
  10. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 10
    Strong Financial Position Entering 2020 SIGNIFICANT LIQUIDITY STRONG HEDGE POSITION NO NEAR-TERM MATURITIES CREATES CERTAINTY FOR DRILLING PROGRAM SENIOR UNSECURED NOTES (MM) 900 70% 650 Unhedged 600 30% 500 Dependent on…
  11. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 11
    Positioned For Value Creation Sustainable Reliable Well-Positioned ATTRACTIVE LONG-TERM INVESTMENT CONSISTENT STRATEGY Shareholder friendly initiatives EXECUTION Implemented strong 5-year Plan to initiate a dividend vision…
  12. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 12
    APPENDIX
  13. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 13
    WPXs 5-Year Vision (50 - 55 WTI) FIVE-YEAR VISION CONTINUE OPPORTUNISTIC SHARE BUYBACK PROGRAM IMPLEMENT DURABLE GROWING DIVIDEND BASE DECLINE RATE OF 30% OR LOWER FCF YIELD TARGETING 7% - 10% DRIVING LEVERAGE TO…
  14. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 14
    2020 Full-Year Guidance Capital Plan Production FY 2020 Avg. Price Differentials2 FY 2020 Oil Mbbl/d 155 - 165 Oil WTI per barrel (2.00) (3.00) Natural Gas MMcf/d 270 - 290 NYMEX Nat. Gas (Mcf) (1.25) (1.75) NGL Mbbl/d 40.5 - 42.5…
  15. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 15
    Domestic Price Realization for 2019 Oil (/Bbl) Gas (/Mcf) NGL (/Bbl) 1Q 19 2Q19 3Q19 4Q 19 1Q 19 2Q19 3Q19 4Q 19 1Q 19 2Q19 3Q19 4Q 19 Weighted-Average Sales 52.35 57.50 54.25 53.68 2.60 1.74 1.80 2.12 16.81 13.66 11.92 13.11 Price…
  16. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 16
    WPX Hedges Updated: February 24, 2020 2020 2021 Volume/Day Average Price Volume/Day Average Price Crude Oil (Bbl) Fixed Price Swaps1, 2 65,000 57.07 - - Fixed Price Collars 20,000 53.33 - 63.48 - - Fixed Price Swaptions3 - -…
  17. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 17
    Consolidated Statement of Operations (GAAP) 2018 2019 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Revenues: Product revenues: Oil sales 360 468 503 459 1,790 449 511 539 551 2,050…
  18. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 18
    Reconciliation-Adjusted Income (Loss) from Continuing Operations (Non-GAAP) 2018 2019 (Dollars in millions, except per share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Reconciliation of…
  19. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 19
    Reconciliation-Adjusted Income (Loss) Per Common Share 2018 2019 (Dollars in millions, except per share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Reconciliation of adjusted diluted income…
  20. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 20
    Reconciliation Adjusted EBITDAX (Non-GAAP) 2018 2019 (Dollars in millions, except per share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Reconciliation of Adjusted EBITDAX Net income (loss)…
  21. Q4 2019 and Year End 2019 Earnings – WPX Energy, Inc. – slide 21
    Reconciliation of Free Cash Flow 2019 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Reconciliation of free cash flow: Net cash provided by operating activities (GAAP) 272 362 272 351 1,257 Exclude: Changes in…

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